Abrams wrote and will direct the film, which was inspired by his love of Spielberg's films growing up. Spielberg also produced Super 8, which is slated for a summer 2011 release. The Hollywood Reporter says filming will begin this fall and that the project is budgeted in the $45 million-$50 million range. The trade reveals "Abrams shot it independently of the actual film shoot about a month ago, and the Bad Robot team cut together the teaser while putting together his new NBC series Undercovers and the trailer for their November release Morning Glory over the past month."

Playlist says the trailer has "has a very Close Encounters of the Third Kind-vibe," but that it also boasts some signature Abrams stylistic elements (you know, lens flares). Without giving too much away, the trailer descriptions say the film is set in 1979 and concerns artifacts that are being transferred from a closed section of Area 51 to a facility in Ohio. Any of the linked sites above can provide you with a more spoilerish description than that.